According to a new report published by Allied Market Research, titled, “Aerospace Composite Market," The aerospace composite market size was valued at $29.6 billion in 2022, and is estimated to reach $87 billion by 2032, growing at a CAGR of 11.5% from 2023 to 2032.
Aerospace composites are specialized materials designed for aerospace applications, created by combining two or more constituent materials. These composites usually include a matrix, often polymer resin, and a reinforcement material, such as carbon, glass, or aramid fibers. The synergistic combination of these elements results in a new material with enhanced properties like increased strength and stiffness. Aerospace composites play a crucial role in modern aviation and space industries due to their superior characteristics.
Aerospace composites play a crucial role in the fabrication of aircraft components, such as wings and fuselages, offering a combination of lightweight properties and durability. Carbon fiber-reinforced composites, known for their strength and low weight, are widely utilized in the aerospace sector. The Boeing 789 serves as a prominent illustration of advanced aircraft design. A significant part of its construction involves the use of composite materials, contributing to improved fuel efficiency and overall durability.
Aerospace composite market growth play a crucial role in the defense sector, particularly in the construction of military aircraft and vehicles. These advanced materials offer stealth capabilities, minimizing radar cross-sections and enabling aircraft to operate covertly. The durability of composites enhances the overall structural integrity and survivability of military platforms.
Aerospace composites play a pivotal role in driving innovation across diverse applications, with a particularly noteworthy impact on the development of unmanned aerial vehicles (UAVs) or drones. The distinctive qualities of aerospace composites, including their lightweight properties and structural strength, position them as optimal materials for fabricating various components crucial to UAV construction.
UAVs are utilized for diverse purposes, ranging from surveillance and reconnaissance to scientific research and package delivery. Aerospace composites play a crucial role in ensuring the structural integrity of these vehicles while allowing for the flexibility needed to incorporate advanced sensors and communication systems. The reduced weight of composites contributes to the extended flight times and increased payload capacity of UAVs.
Moreover, the emerging field of urban air mobility (UAM) is witnessing the integration of aerospace composites in the design and manufacturing of electric vertical takeoff and landing (eVTOL) aircraft. These vehicles are envisioned to revolutionize urban transportation by providing efficient and environmentally friendly alternatives for short distance travel within cities. Composites, with their lightweight properties and design flexibility, contribute to the development of eVTOL aircraft that navigate densely populated urban environments while ensuring safety and performance.
In addition, aerospace composites market opportunities contribute to the advancement of satellite technologies. The use of composites in satellite components helps reduce the overall weight of the satellite, making it more cost-effective to launch into orbit. The composites offer thermal stability, ensuring the satellite's resilience to the extreme temperature variations encountered in space.
The aerospace composite market trends is segmented into fiber type, manufacturing process, aircraft, and region. On the basis of fiber type, the market is classified into carbon fiber, glass fiber, aramid fiber, and others. On the basis of the manufacturing process, the market is divided into ATL or AFP, filament winding, resin transfer molding, hand layup, and others. By aircraft, the market is categorized into commercial aircraft, business & general aviation, civil helicopter, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of fiber type, the aramid fiber is the fastest-growing segment of the aerospace composite market forecast in 2022. Aramid fibers play a crucial role in aerospace manufacturing, being utilized in structural components such as panels, fuselage sections, and wings. Their high tensile strength enhances overall structural integrity, enabling lightweight designs without sacrificing strength. Aramid composites extend to interior components like seats and cabin panels, offering both strength and lightness. This lightweight attribute aids in fuel efficiency and meeting emission standards in the aerospace industry.
On the basis of the manufacturing process, the other including injection molding, compression molding, autoclave curing, and others is the fastest-growing segment of the aerospace composite market in 2022. Injection molding offers several advantages for aerospace composites. It enables the manufacturing of lightweight components with complex geometries, which can be difficult to achieve using conventional materials. Additionally, the process is cost-effective for mass production due to its ability to handle high production volumes in the aerospace industry.
The major players operating in the global aerospace composite market analysis across Bally Ribbon Mills, DuPont, Hexcel Corporation, Mitsubishi Electric Corporation, SGL Carbon, Solvay, Spirit AeroSystems, Inc., TEIJIN LIMITED., Toray Industries Inc, VX Aerospace Corporation.
Key Findings Of The Study:
- By fiber type, the carbon fiber segment dominated the market accounting for one-third of the aerospace composite market share in 2022.
- By manufacturing process, the automated tape laying (ATL) or automated fiber placement (AFP) segment was the highest revenue contributor accounting for one-fourth of the market in 2022.
- By aircraft, the commercial aviation segment has dominated accounting for one-third of the market in 2022, growing with a CAGR of 11.1%.
- By region, Asia-Pacific is the fastest-growing revenue contributed in 2022, and is estimated to register a CAGR of 11.9%.